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Sberbank CIB may handle Rostelecom privatization

January 09, 2014, 19:47 UTC+3 9
1 pages in this article

MOSCOW, January 9 (Itar-Tass) - Sberbank CIB may be appointed the organizer of Rostelecom’s state stake sale, goes the report of the Russian Ministry of Economic Development that manages the selection.

Having rated investments bank’s offers by the amount of remuneration for the functions of privatization organizer, the ministry opted for Sberbank CIB as the best bidder. Its candidacy is to be recommended to the Russian government, according to the report.

Last December, the short list of candidates to advise on the sale included Deutsche Bank, Goldman Sachs Russia and Sberbank CIB.

In an interview to Itar-Tass the head of the state property authority, Rosimushchestvo, Olga Dergunova said the privatization of the 50 percent stake would take place in 2014. The deal was bound to yield most of privatization proceeds this year, she added.

Economic Development Minister Aleksey Ulyukaev earlier said foreign investors could take part in the sale.

Rostelecom is the Russian federal telecom operator providing wire and wireless services. In 2012 the company reported IFRS revenue of 321 billion roubles ($9.7 billion) and a net profit of 34.5 billion roubles ($1 billion).

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